South Florida Estate Planning News

Do I want a will or a trust? If you die without a will it is known as dying intestate. While many believe that their close family members “know what they want”, it doesn’t necessarily go your way without a valid will. Instead, their money and property are distributed according to Florida’s intestate succession laws, during a Probate action.  But even if someone is fine with the state-imposed inheritance laws, a beneficiary will be required to go through the expensive and long process called “Probate.”. The law can only assume what you would want, but it may cause your wishes to go haywire. For instance, imagine you have been in a relationship without a formal marriage certificate for many years and love your partner dearly.  If you pass without a will, that partner may not inherit according to intestacy laws.

When your bank account balloons, so might your fan base. Family, old buddies, and even scammers may line up for a share. It's okay to say no. Still, you might want to give some away to people or charities. Remember, big gifts might mean big taxes. For 2023, you can give away $17,000 without tax or $34,000 with your spouse. For 2024, it's $18,000, or $36,000 for couples.

Your car may be one of the most valuable assets you own, but what will happen if you pass away during the lease term or before the car is paid off?

Many folks think that the person who looks after your children must be the same person who handles their inheritance. But that’s a myth! You can pick a loving, caring guardian for your children and choose someone else entirely to manage the money side of things.

Simply maintaining a loving relationship with a parent does not necessarily guarantee inheritance rights. A legal right to inherit depends largely on the legal relationship between a child and that child’s parent, the existence of a valid estate plan, or if no estate plan exists, the applicable laws of intestacy in a given jurisdiction.

Do you have a Last Will and Testament? Time to add your spouse as a beneficiary. Also, setting up a trust is like building a cozy nest egg for your loved ones. Retirement accounts and life insurance policies might not feel romantic, but they're love letters to your future. Make sure to update them to include your new spouse as a beneficiary.

A few examples of the many unique and interesting estate planning strategies that are available. An experienced estate planning attorney can help you create a plan that meets your specific wishes, personal objectives and unique family dynamics.